That Didn't Take Long

You may recall that during the recent uproar over the $700 billion bailout that grew to $850 billion before it finally passed the Congress and was quickly signed into law by our Sultan, George W., at the behest of his Grand Vizier, Hank Paulson, the Congress also passed a $25 billion loan package for the "Big 3" US automakers to "retool" for the future--a future they are not likely to enjoy considering that all three are bleeding cash at unimaginably high rates and recording colossal losses. $25 billion corporate welfare checks just don't go very far these days, so they're back for more--$50 billion at last count! Presumably our new Sultan-to-be will graciously bestow his favor upon these deserving subjects; for as my lord Obama instructed the nation yesterday, "The automobile industry is the backbone of American manufacturing." He urged Sultan George W. to find some accommodation for the automakers since how could the nation survive if it lost its backbone? Dare I say that politicians thrive without backbones? Well, yes, but that's a matter for experts in invertebrate biology, not economics. So now in the new world of freebie finance--"a bailout for me, for you, for everybody!"--the not-so-big-3 will get lots more money coming in one end so they can bleed it out the other end. Where our insolvent government will get the bailout cash is anybody's guess.